Miit Subsidizes Hc Semitek

Core prompt: Chinese LED chip manufacturer HC Semitek announced recently, the company received RMB 6 Million (US$ 990,000) MOCVD subsidy from China’s Ministry of Industry and Information Technolog

Chinese LED chip manufacturer HC Semitek announced recently, the company received RMB 6 Million (US$ 990,000) MOCVD subsidy from China’s Ministry of Industry and Information Technology (MIIT). The subsidy that was recently approved by the ministry was applied under the “Domestic MOCVD development/ Industrialization of ultra bright LED” from the ministry’s “2013 Electronic Communication Industry Development Fund Project Guide”. Under the project, all funding provided needs to be invested into equipment or material procurement.

If the need arises, HC Semitek and Tang Optoelectronics Equipment (Shanghai) Corporation Limited may need to confirm contents of the approved (TOEC) documents, since HC Semitek has not received an official letter from MIIT, and the project is being implemented by TOEC. In regards, to the actual accounting measures for the subsidy, the company still needs to wait for the government to finish processing papers, and negotiations between related organizations before publishing actual accounting measures.